Hi,
I can report exactly the same problem that you have seen. I can run a uni-processor kernel perfectly on a home-build machine based on a Tyan Thunder K8W with 2 x Opteron 250's, but the moment I download and try and boot from the SMP kernel I get errors everywhere.
I've been trawling around looking for fixes and actually found entries here that suggest possible solutions. This certainly seems to be a core ubuntu bug...
Here's what I found so far :-
http://ubuntuforums.org/archive/index.php/t-76852.html
I still consider myself to be a complete Newbie with Linux, even though I've used it as my OS of choice for about 3-4 years now [since Mandrake 7.1] Recent convert to ubuntu. I think I'm going to put a "sandbox" build down on my machine and try and compile my own kernel just to see if I can get it to work.
Only thing is, I think I'll avoid bringing in the default source from kernel.org, since I don't know what patches get applied by the Debian or Ubuntu core maintainers. Instead I'm going to pull in the ubuntu AMD-64 uni-processor source and see if I can find how to tweak it for SMP operations, then compile that...
For fun, I might even try bringing in the 32-bit Intel image and see what happens if I try and run that as SMP. Should be possible for me to pull in the DVD iso quite quickly...
If I make any progress I'll report back.